According to a Reuters report on Wednesday, Merkel’s cabinet had passed a new law that will end the requirement to have a paper certificate for sale of a security, overtly looking to advance blockchain technology trading within the country.
Olaf Scholtz, German Finance Minister stated:
“The paper certificate may be dear to some for nostalgic reasons, but the future belongs to its electronic version.”
According to Cointelegraph, the Finance Ministry called the shift to all-electronic securities a component of its broader blockchain strategy.
While the German Finance Ministry and BaFin, its financial watchdog, are some of the most assertive in Europe, the country is at the forefront of security token adoption among major economies. Börse Stuttgart is known to be working on integrating security tokens, while BaFin has been supportive of platforms such as Black Manta.